E-savings Accounts

We’re sent e-newsletters, we send e-cards at Christmas to save on postage and who goes an hour let alone a whole day without sending an e-mail? Electronic information and communication really does make our lives easier to manage if only you know how, which is why it’s important to find out more about an e-savings account which can be opened and managed entirely online.

An online savings account:

• Is a fee free account.
• Doesn’t require you to waste time in line at a branch or on hold with the bank.
• You can communicate with the bank via secure emails or an Australian based call centre open longer hours and sometimes even around the clock.
• Will pay you a high rate of interest every day.
• Can help you safe for a goal worth several hundred dollars, several thousand dollars or one worth hundreds of thousands of dollars.

Top 3 E-Savings Accounts

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
St.George Direct Saver	Bank offers personal, business and commercial banking as well as wealth management solutions.	5.75%	4.50%	1.25%	$$0	$0 / $0
HSBC Serious Saver	The HSBC Serious Saver.	5.80%	4.75%	1.05%	$0	$0 / $0
NAB iSaver	One of the largest financial institutions and banks in Australia.	5.50%	4.15%	1.35%	$0	$0 / $0

Why You Need an E-savings Account

Just as email makes your communications easier, not to mention instant, and an e-newsletter keeps you up to date whenever it’s convenient for you to take the time out to read it, so too can e-savings accounts make your life, your savings, your finances and your future easier, quicker and simpler to manage.

Benefits of e-savings accounts:

• There are no fees to eat away at your savings. Once you’ve worked hard for your wages and even harder to resist the temptation to spend them, you don’t want your savings to be eaten away by fees while you’re not looking. With an e-saver account you don’t have to worry about any opening fees, transaction fees or withdrawal fees sneaking up on your savings because online accounts are cheap and easy for the banks to manage too, so they pass those savings onto you.
• Your savings are at call but you can’t easily spend them. The funds in an e-savings account are at call, which means that unlike a term deposit or similar investment you can access your savings whenever you like. At the same time, you are not given an ATM or EFTPOS card with your savings account so you are less likely to impulse buy with the money you’ve cleverly saved.
• You can clarify your savings goal, have more than one goal, and reach it faster. Many online savings accounts will ask you to enter your savings goal or deadline when you open the account. This means your e-savings account tracks your savings, your deposits and your interest earned to show you how far away you are from your goal. This keeps you focussed and shows you there is a light at the end of the tunnel, and shows you exactly how far away it is.

How to Use an E-savings Account

Using an e-savings account can be as simple as setting up a regular transfer from your everyday transaction account and leaving your savings to grow, or you may choose to monitor and boost your savings at every opportunity, the choice is yours.

Using an e-savings account:

• You can save for a goal of any shape or size. Online savings accounts suit savings goals of any size and can be perfect for saving for a new pair of shoes, a new shoe closet or a whole new house to go around that closet. Choosing the right savings account is as simple as defining your goal because the length of your savings plan and the amount you need to save determines the interest rate and features which will best benefit you.
• E-savings can help in an emergency. It is easy to have more than one e-savings account so it makes good financial sense to save up for a special purchase, while at the same time putting away funds for a rainy day. Having an emergency fund can be as simple as contributing some of your wage each week to cover those quarterly expenses like insurance and council rates which can come as a surprise, or you could simply tuck away savings in an e-saver account in case of an accident or if you lose your job.
• Pay yourself first for e-asy and e-normous e-savings. If you set up an internet transfer from your everyday transaction account on payday, to your e-savings account, you won’t even notice you are saving because the funds will come out before you have a chance to miss them. However, regular transfers can steadily grow your savings overtime, plus online savings accounts calculate interest daily so each time the balance regularly increases, so too does your compounding interest potential.

How to Get an E-savings Account

E-savings accounts are as easy to open as they are to use, so just follow these simple steps and by completing an application which takes less than ten minutes, you could be saving as soon as today:

• Compare online savings account features, interest rates and promotions. Using the Savings Account Finder™ comparison tables you can compare the top e-savings accounts available in Australia at the moment, based on their standard interest rate, their promotional rates, their bonus offers or their provider.
• Follow the secure links to apply online. Applying for a bank account online may raise security alarms with you, but if you follow the secure links from the Savings Account Finder™ comparison tables and product reviews, you can be sure you are entering your details into authorised provider application forms, and that the online application form is genuine and secure.
• Follow the prompts and start saving. The online application process takes less than ten minutes, after which you will be notified by email of your next step. Depending on the account and provider you’ve chosen, you could activate your e-savings account immediately with an instant internet transfer and be earning interest towards your goal today.